5 of the Hottest Neighborhoods in Denver
Denver’s real estate scene has often flown under the radar. Without the astronomically high prices of New York City or the scenic beach front appeal of Malibu mansions, Denver hasn’t received serious attention—until now. The city is predicted to be the hottest housing market in 2016 due to its home value appreciation, low unemployment rates and strong income growth—finally earning this snowy, mountainous city its due attention.
If you’re looking for real estate in Denver, here are five neighborhoods with unique amenities and rising home values to consider.
The Cherry Creek Trail
No list of Denver neighborhoods would be complete without the well-known area of Cherry Creek. Despite its hefty median home value of $761,500, this neighborhood is a popular place to reside. Cherry Creek boasts an array of new construction luxury homes, apartments and condos for those that can afford the price tag and desire proximity to the famous Chery Creek Trail and Cherry Creek Shopping Center. In the past year, homes in Cherry Creek have appreciated 6.5 percent and are expected to rise another 1.9 percent by February 2016. Since prices in this area are likely to rise, anyone contemplating a purchase should begin their research now.
The up-and-coming neighborhood of Sunnyside is quickly making a name for itself. After a 14.7 percent increase in home values, the median home there is now $355,600. The growth isn’t expected to stop either; Sunnyside home prices are anticipated to increase another 4.1 percent throughout the next year. Partially due to the work of Sunnyside’s neighborhood associate, an increasing number of restaurants, breweries and coffee shops are popping up and contributing to the rising popularity of this area. Investors and homeowners who want to snag a deal should move quickly, before the revival of this neighborhood is complete.
The neighborhood of City Park has also seen a dramatic rise in home values over the last year. From February 2015 to February 2016, homes in City Park appreciated 11.7 percent and are forecasted to appreciate another 2.9 percent within the next 12 months. This sharp growth in home prices is not surprising given all the great amenities that City Park has to offer: the Denver Zoo, the Denver Museum of Nature and Science, Ferril Lake and Duck Lake, among others. The median home price in City Park won’t be $473,400 for long so potential buyers should keep an eye out for homes in this tiny Denver neighborhood.
Even among the many compelling Denver neighborhoods, Belcaro is a standout. The beautiful Tudor and ranch-style homes in this exclusive neighborhood are worth a median price of $837,000 after appreciating 7.3 percent in the last year. This price is predicted to increase another 2.4 percent throughout the next year. For some homeowners, the price of homes in this area is a fair tradeoff for the safe, quiet and high-end vibe. If a more residential feel within a large city is what you desire, Belcaro may be the perfect option.
Both a neighborhood and an actual 155-acre park, Washington Park is an area beloved by many Denverites. With a median home value of $717,800, home values are strong and rose over 11 percent last year in this area. Not only are values predicted to increase another 3.5 percent but you’ll have your pick of architecture styles for your new home; Washington Park is known for its blended home architecture. In addition to all the outdoor opportunities offered by the park, numerous dining and shopping options on Gaylord Street keep the residents of this area satisfied. If finding a classic Colonial-style home or a mid-century modern marvel is your objective, this is the neighborhood to explore.
In addition to these great neighborhoods with rising home values, Denver also offers growing incomes and low unemployment rates. If a move to the city has crossed your mind, now might be the time to start planning your exploration of this hot market.
Satinder Haer writes about home improvement, design, and real estate for Zillow and other partners.